Answered

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Use the future value formula to find the indicated value.FV = $3648, n = 22; i = 0.08; PMT = ?PMT =?(Round to the nearest cent.)

Sagot :

To calculate the periodic payment (PMT) we use the following formula:

[tex]\text{PMT}=\frac{FV\times i}{(1+i)^n-1}[/tex]

Where "FV" is the Future Value, "i" is the interest rate, and "n" is the number of periods. Replacing the known values we get:

[tex]\text{PMT}=\frac{3648\times0.08}{(1+0.08)^{22}-1}[/tex]

Solving the operations:

[tex]\text{PMT}=52.68[/tex]

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